When travelling abroad, many people head straight to currency exchange counters at the airport to get local cash—but this is a costly mistake. These counters usually offer poor exchange rates and charge high fees or hidden commissions. A better alternative is to withdraw money from ATMs once you arrive at your destination. ATMs typically offer better exchange rates which are real-time, so you’re getting the most accurate and up-to-date value for your money instead of a static, often outdated rates.
Beyond the financial benefits, ATMs are simply more convenient. They are widely available, operate 24/7, and allow you to withdraw money as needed, so you’re not carrying large amounts of cash. However, to maximise your savings, be mindful of potential fees. Your home bank may charge foreign transaction fees, and some ATM operators impose withdrawal charges. Always opt to be billed in the local currency rather than your home currency to avoid Dynamic Currency Conversion (DCC)—a costly feature that offers a poor exchange rate. When withdrawing from an ATM, if you’re asked, “Would you like to be charged in GBP instead of EUR?”, always decline and choose the local currency to ensure you receive the best rate. Similarly, when paying by card, merchants or cashiers may pre-select your home currency—if this happens, politely ask them to charge you in the local currency before completing the transaction. If the option still doesn’t appear, you can refuse the payment and request that they reprocess it correctly.
Be cautious of expensive ATMs, which are common in airports, tourist areas and train stations. These machines often impose steep fees and terrible exchange rates, making them a costly option. Instead, look for ATMs linked to major banks, as they generally offer better rates and lower fees.
Before your trip, check with your bank about international fees and ensure your card will work abroad. These days, most banks allow you to enable international transactions directly from their mobile banking app—usually found under the “Card Settings” or “Travel Notifications” section. Activating this option takes just a few taps and helps prevent any transaction blocks while you’re away. If your bank offers partnerships with overseas banks, you might even be able to withdraw cash without additional fees. With a little preparation, you can ensure you get the best deal on your travel money—without wasting time or money at currency exchange counters.
